What’s the Difference Between a Personal Loan and a Line of Credit?


There are two common ways to borrow money: take out a personal loan or open a personal line of credit. With a personal loan, you are provided a lump sum of money and then required to pay fixed monthly payments. On the other hand, with a line of credit, you are provided access to a set amount of money that you can draw on as you need, and pay it back over time [...]